Why are flight prices so high right now?

Why Are Flight Fares So Expensive Right Now?

Several factors can cause the high flights. Besides, why are flights so expensive right now? Here are some common reasons :

Inflation in fuel costs 

Increases in Jet Fuel prices are another reason why flights are so high right now. Though the price declined by around 25% last year, they again increased by 8 - 9 % and then around 2% this year. Hayley Berg has stated that jet fuel prices are a substantial cost of the airline, and it remains 16% higher than pre-pandemic levels. Technically, the fuel cost has improved, but they are still higher. 

The ban on Russian Airspace

The continuous war between Russia and Ukraine has not increased the oil only but created challenges for international flight routes. Because Russia has banned 36 countries from entering its Airspace, the flights must choose longer routes, directly affecting ticket prices. 

Shortage of Staff in the Aviation 

As per the news and latest updates, the United States deals with around 30k to 32k pilots, channels, and air controllers. This leads to more cancellations and flight delays, indirectly affecting flight prices. 

Limited Supply

As per global travel data provider, only fewer seats, around 15 -18%, are available on U.S. planes due to short staff and old equipment. It has been found that in the last five years, the number of flights has reduced to around 48% on the busiest route in the nation between the largest airports. 

High Demand

Although the flight shortage has increased the price, the demand for air travel has remained the same. The demands are increasing day by day, which is, in turn, affecting flight prices. There is a huge population out there who eagerly want to travel. Despite inflation, people still have money to visit their dream vacation with friends and family. 

Ageing Airline Infrastructure

As per the online report, Southwest Airlines canceled around 15800 flights last year, confirming infrastructure problems across the industry. American Airlines and Delta experienced the same 'operational meltdowns.' Now, the airlines look forward to upgrading their IT system; customers cover the expenses through high flight prices. 

Hidden Costs and Fees

Except for the low-cost airlines, all the major & luxurious airlines charge extra for services like priority boarding, seat selection, etc. Some even apply for baggage fees for checked luggage and carry-on bags. All these factors add up to increased ticket prices. 

Will flight prices go down in 2024?

Many factors affect flight prices. However, per the consumer price index report released in July, inflation has started cooling down for items like food cooked at home, fuel at the pump, natural gas, etc. 
The Jet flue price has dropped in the last year as per the statistics from Argus International published on Aviation Week. If the trend continues, the customer can expect airline prices to go cheaper in 2024.

How can I save my money while booking a flight? 

Book Early: If you are sure about the plan, book the ticket before the last moment. Last-minute tickets are always expensive; you can book at least 4-5 months before departure. 

Look for the budget airlines: Low-cost airlines or budget airlines always have reasonable-priced tickets. They only charge for extra services if you have selected that during booking. 

Use Miles / Cash & Miles: If you are a frequent flyer, you can always use your miles; enough miles can cost the ticket free, too. Besides, if you don't have enough miles, you can always opt for options like 'Cash+Miles' to pay for the remainder using the cash. 

Final thoughts: 

There are several reasons why flight prices are high, including increased fuel rates, staff shortages, increased demand, etc. However, you don't need to worry as, like other items, the flight prices might also be reduced. Moreover, How to get cheap flights? You can always apply for various hacks and tips to get a cheaper ticket while booking the flight. 

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